Oxygen
DefunctPrinceton, US · 11 known investors
Oxygen was a fintech platform offering financial products aimed at small businesses and entrepreneurs, launched as a neobank serving mid-to-high income millennials, gig economy workers, and SMBs. The service is currently unavailable, with historical operations including core banking and card products.
Also known as Oxygen (neobank)
Founders & leadership
Investors · 11
Also in the syndicate · 4
Company profile
researched Aug 2026Oxygen was a US digital banking (neobank) platform providing financial products to consumers and small and medium-sized businesses. Accounts were offered with no monthly fee, no minimum balance requirement, FDIC insurance and a Visa debit card, targeting freelancers, gig-economy workers, micro-businesses and small businesses that traditional banks often declined to serve because customers lacked a conventional job and steady salary.
The company was founded in 2018 as a banking service and went through Y Combinator, then launched in 2020 as a neobank aimed at mid-to-high-income millennials, gig-economy participants, SMBs and entrepreneurs. It described its assets as a core banking foundation, a customer acquisition model and a leadership team. Its site now states that Oxygen services are unavailable and that new initiatives are in preparation; the site lists an address at 502 Carnegie Center Drive Suite #103, Princeton, NJ 08540, and a contact address at the vativis.com domain.
Founding story
Founder Hussein Ahmed, previously at Amazon, encountered difficulty obtaining banking services after starting work as a freelance consultant for startups, and observed that others around him at a WeWork — photographers, real estate brokers, accountants — faced the same problem, which led him to start Oxygen.
Business model
Oxygen provided digital bank accounts and card products to consumers and SMBs without monthly fees or minimum balance requirements, with FDIC-insured accounts and a Visa debit card.
The company reported card swipe (interchange) revenue of about $550,000 per month during its operating history, and stated in 2021 that revenue had increased tenfold that year.
Traction
The company reports historical figures of over 250,000 monthly active users and more than 1,750 businesses using Oxygen daily; press coverage in November 2021 cited over 600,000 customers and 10x revenue growth in 2021.
Latest developments
In 2023 Oxygen raised $20m from new and existing investors and named David Rafalovsky, who holds a significant equity stake, as CEO in place of founder Hussein Ahmed, with proceeds earmarked for product development and headcount growth. The company subsequently suspended services and states it is working on new initiatives.
▸Full profile — market position, go-to-market, geography, history
Market position
Positioned among US neobanks serving self-employed and small-business customers underserved by traditional banks.
Go-to-market
Direct-to-consumer and small-business digital account sign-up, supported by what the company described as its customer acquisition model.
Freelancers and independent consultants, gig-economy workers, micro and small businesses, entrepreneurs, and mid-to-high-income millennial consumers.
Geography
United States; headquartered in San Francisco during its operating period per 2021 coverage, with the website now listing an address in Princeton, New Jersey.
History
Founded in 2018 as a banking service and a Y Combinator participant; launched publicly as a neobank in 2020; raised a $17m Series A led by Runa Capital in early 2021; was reported in November 2021 to be in talks for a roughly $70m round at a valuation above $500m; raised $20m in 2023 largely from existing investors alongside the appointment of David Rafalovsky as CEO, succeeding founder Hussein Ahmed. Services are currently unavailable.
Compiled by commissioned research from 8 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Timeline · 7
launches, deals, and filingsThe company's website states that Oxygen services are currently unavailable and that it is working on new initiatives, describing its fintech platform in the past tense.
Oxygen raised $20m in a funding round led largely by existing investors, with proceeds directed at product development, user experience of its core financial technology and headcount growth.
$20M source ↗
Alongside the $20m raise, Oxygen appointed David Rafalovsky as CEO. Rafalovsky, who holds a major equity stake in the company, succeeded founder Hussein Ahmed.
Sources told TechCrunch that Oxygen was in advanced talks to raise roughly $70m in a Series B at a valuation above $500m, with London-based Tribe Ventures in talks to lead. Oxygen declined to comment on the talks.
$70M source ↗
In early 2021 Oxygen raised $17m in a Series A round led by Runa Capital with participation from S7V, 1984.vc, EFG Hermes, Rucker Park and Inventures.
$17M source ↗
Oxygen launched digital banking services for mid-to-high income millennials, gig-economy workers, SMBs and entrepreneurs, serving both consumers and small and medium-sized businesses.
Oxygen was founded in 2018 as a banking service and went through Y Combinator.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
In the news
▸Research sources · 8
primary sources listed
- Oxygenoxygen.us · web
8 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Oxygen do?
- Oxygen was a US digital banking platform for freelancers, gig workers and small businesses; its services are currently unavailable.
- Who founded Oxygen?
- Oxygen was founded by Hussein Ahmed.
- Who are Oxygen's investors?
- Oxygen's investors include 500 Global, Digital Horizon, Digital Horizon VC, Vibe Capital, VU Venture Partners, ZMT Capital, Earl Grey Capital.
- Where is Oxygen headquartered?
- Oxygen is headquartered in Princeton, US.